SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
March 26, 1999
CROWN RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
Washington 0-17480 84-1097086
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification
incorporation) Number)
1675 Broadway, Suite 2400, Denver, Colorado 80202
(Address of Principal Executive Offices)
Registrant's telephone number,
including area code: (303) 534-1030
(Former name or former address, if changed since last report)
Item 5. Other Events.
On March 26, 1999 the Department of Interior and the
Department of Agriculture notified Battle Mountain Gold that the
Plan of Operations for the Crown Jewel Mine cannot be presently
approved and that the Record of Decision for the project has been
vacated. In denying the Plan of Operations, the agencies stated
that the project cannot rely on a greater number of mill site
claims than the number of lode mining claims being developed.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
Exhibit
Number Description
20.1 Crown Resources Corporation's Press Release dated
March 26, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
CROWN RESOURCES CORPORATION
Dated: March 29, 1999 By: /s/ James R. Maronick
James R. Maronick
Vice President-Finance
INDEX TO EXHIBITS
Exhibit
Number Description Page No.
20.1 Crown Resources Corporation's Press Release
dated March 26, 1999.
Exhibit 20.1
March 29, 1999
CROWN RESOURCES' GOLD PROJECT RECEIVES NOTIFICATION THAT ITS PLAN
OF OPERATIONS CANNOT PRESENTLY BE APPROVED AND THE RECORD OF
DECISION HAS BEEN VACATED; APPEALS PLANNED
Denver, Colorado: Crown Resources Corporation announced that
today Battle Mountain Gold Company (BMG) has been notified by the
Department of Interior and the Department of Agriculture that the
Plan of Operations (POO) for the Crown Jewel mine can not be
presently approved and that the Record of Decision (ROD) for the
project has been vacated. In denying the POO, the agencies
stated that the project can not rely on a greater number of mill
site claims than the number of lode mining claims being
developed. However, the agencies also noted that "we emphasize
that there are ways for BMG to still proceed with developing the
Crown Jewel Mine consistent with the mill site limitation."
Crown President Chris Herald stated, "We are reviewing the ruling
and find both the timing and basis of the action to be capricious
and unprecedented in the history of the mining industry. The
agencies of the Federal Government have retroactively interpreted
the current mining law and are attempting to overturn over 125
years of mining practice and application of the law. This
interpretation was made without public comment or congressional
review and appears to be an illegal attempt to retard all mining
development in the U.S." Mr. Herald went on to state, "This new
interpretation and its retroactive application is outrageous
given the history of the Crown Jewel project." Crown, through
its joint venture with BMG, has been permitting this project for
over seven years, has invested a total of $80 million in the
project, and has posted over $50 million in security bonds.
Furthermore, the Final Environmental Impact Statement (FEIS) and
the ROD were approved in January of 1997. The Bureau of Land
Management (BLM) and the United States Forest Service (USFS)
selected and approved the configuration of the project in the
ROD. The ROD stated that "the alternative selected by the BLM
and USFS is consistent with all laws, regulations, and
policies,"and "will be implemented through the approval of the
Plan of Operations." In addition, the FEIS and the ROD were
upheld by the Regional Forester and on summary judgement, by the
United States District Court.
Crown will support every effort to set aside these actions in
concert with BMG which has stated that it intends to seek every
avenue available to bring the Crown Jewel mine into operation at
the earliest possible date.
Crown is a U.S. domiciled gold exploration company with
properties in the U.S. and Mexico and a 57%-equity interest in
Solitario Resources Corporation (SLR-Toronto Stock Exchange).
Crown is traded on the NASDAQ National Market System under the
trading symbol CRRS and the Toronto Stock Exchange under the
symbol CRO.
FOR MORE INFORMATION, CONTACT:
Christopher E. Herald - (303) 534-1030
Debbie W. Mino - (800) 229-6827
E-mail: [email protected]
The information set forth above includes "forward-looking"
statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of
1934 and is subject to the safe harbor created by those sections.
Factors that could cause results to differ materially from those
projected in the forward-looking statements include, but are not
limited to, the timing of receipt of necessary governmental
permits, the results of judicial proceedings, the market price of
gold, results of current exploration activities and other risk.
